Estate Planning For Your Pets
andrew • November 14, 2022
While pets are cherished members of every household they inhabit, they can often get lost in the shuffle during estate planning and administration. Although animals may not inherit portions of an estate, most people wrongly believe that they cannot provide for their pets in their trusts or wills. In Colorado, that is not the case.
Colorado law explicitly authorizes the creation of trusts that care for designated pets (
Colorado Revised Statutes § 15-11-901 ). This means that individuals can include language in their will or trust designating a caretaker for their beloved dog, cat, horse, etc. and put funds in a trust to be used exclusively for their health, well-being, new toys, skateboard, or other indulgences. Additional instructions can be provided concerning their quality of life, food preferences/requirements/etc. and successor caretakers can be designated in case the original caretaker cannot care for the pet. These trusts are relatively simple to administer as they generally terminate when the designated pet passes away, with any remaining trust assets being re-distributed to other beneficiaries as laid out in the trust or will.
Your pet will no doubt be devastated to lose you and change can be difficult on them, so helping ensure their stable care after your death can really help them enjoy the rest of their years in a loving home. If you do not establish a plan for your pets after you pass away, either formally through a pet trust or informally through conversations with relatives or friends, they could end up at an animal shelter where they may or may not end up being adopted again, or an unsuitable home. For most people, this is not how they want their pet to live following their death.
Your pet will no doubt be devastated to lose you and change can be difficult on them, so helping ensure their stable care after your death can really help them enjoy the rest of their years in a loving home. If you do not establish a plan for your pets after you pass away, either formally through a pet trust or informally through conversations with relatives or friends, they could end up at an animal shelter where they may or may not end up being adopted again, or an unsuitable home. For most people, this is not how they want their pet to live following their death.
If you would like to discuss estate planning for your pet or family at large, please give us a call to schedule an appointment.
What next?
If you think it might be time to think through your estate plan, you can:
- Give us a call at 720-821-7604 to schedule a "Discovery Session" at which we can determine whether our firm would be a good fit for your needs. Or fill out our contact form to have us call you.
- Visit our estate planning page to learn more about how proactively thinking through your estate plan can protect you and your family, minimize hassle, lower the chance of family discord, and minimize or eliminate taxes.
- Learn more by reading our blog or watching our videos .
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